‘However, this is largely just rating agencies telling us what we already know, so we doubt that financial markets will move much in response. For now, the UK’s relative safe-haven status still looks secure.’

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In the Autumn Statement in early December, the Office for Budget Responsibility sharply downgraded its forecasts for economic growth in Britain for the next five years.

It also said that Osborne will miss a crucial target to cut the national debt as a proportion of national income by 2015-16, putting the rating at risk.

But Robert Chote, chairman of the OBR, said the loss of the AAA rating will not have a ‘noticeable impact’ on the economy. ‘It’s not entirely clear that this would be providing any new information to the markets they hadn’t already been able to deduce,’ he said.

Philip Shaw, economist at Investec, said: ‘If the current weak run of numbers persists, a triple dip recession could be on the cards, in which case the risk that Britain loses its top notch rating would be odds on.’